Two weeks after the bankruptcy of the FTX platform, the crypto world is also going crazy. Sam Bankman-Fried (30), the failed CEO of the third largest crypto exchange, lost everything in a matter of days. His company, FTX, went bankrupt. For a long time he was considered a crypto genius. Now he is held responsible for the biggest fraud scandal in the crypto world.
He is said to have stolen billions of dollars from his customers. And it put the entire crypto industry in a bad light. Many investors are worried. “People no longer know which platform to trust,” Adrian Przelozny, CEO of crypto exchange Independent Reserve, told Bloomberg Television.
Bet on fallen angels
And yet they still exist, staunch investors. And continue to rely entirely on crypto. One of the best known of these is Cathie Wood (66). The strategy that made him world famous: He bets on fallen angels and buys their stock.
Your ARK Investment Management sees Bitcoin as worth a million dollars in 2023, even after the FTX collapse. Wood does not adjust this audacious prediction downward. The tech investor is sticking with it. And so ARK boldly entered the Coinbase crypto exchange. And it just bought 1.3 million shares of Coinbase. For 65 million dollars. And that’s despite the fact that Coinbase’s stock price has dropped 83 percent since the start of the year.
So the crypto craze continues. (be)